Ciba Specialty Chemicals exceeds last year's strong performance.
Business Wire › February 04, 2003
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Ciba Specialty Chemicals exceeds last year's strong performance.
Business Editors
BASEL, Switzerland--(BUSINESS WIRE)--Feb. 4, 2003 Ciba Specialty Chemicals: - Sales up 3% in local currencies; EBITDA margin at 16.6 percent of sales; net income up 6% in CHF - Balance sheet strengthened again: net debt further reduced by CHF 888 million, available record cash of nearly 2.4 billion CHF - New program "Managing for Growth"; mid term targets confirmed - Outlook 2003: further improvement despite difficult environment - Higher CHF 3 payout proposed to shareholders again this year, all through reduction of nominal value FINANCIAL HIGHLIGHTS (in millions of Swiss francs, except share and per share data) Full Year to Full Year Comparisons ---------------------------------------------------------------------- Full Year ended December 31, 2002 2001(1) Change in % ---------------------------------------------------------------------- Net sales 7 085 7 367 3*/-4 Gross profit 2 356 2 379 -1 Operating income (EBIT) 788 761 25*/4 Income from continuing operations 406 380 7 Cumulative effects of change in accounting principles, net of tax (2) 0 2 Net income 406 382 6 Net income per share, basic and diluted 5.92 5.76 ---------------------------------------------------------------------- EBITDA (3) 1 173 1 230 10*/-5 EBITDA margin (4) 16.6% 16.7% EBIT margin (5) 11.1% 10.3% Net cash provided by operating activities 1 038 1 054 -2 Cash flows from operating activities, before restructuring payments (6) 1 050 1 100 -5 Free cash flow (7) 683 779 -12 Net debt (8) 1 463 2 351 -38 Research and development expenditures 294 276 7 Number of employees at period end 19 007 19 683 ---------------------------------------------------------------------- * Percentage change in local currencies; also see footnotes (1) Effective January 1, 2002, the Company adopted Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standard (SFAS) No. 142 "Goodwill and Other Intangible Assets". In 2001, on an adjusted basis, excluding goodwill amortization, operating income would have been CHF 822 million, income ...See the full content of this document
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